Market Update 03/01/2022
March 1, 2022
With the already unstable market, the invasion of Ukraine by Russia has made many skeptical of the effects it will have on home loans. The conflict among other things is showing a subtle change in rates, however over time it is predicted that rates are going to steadily increase.
With the current state of inflation, rates are currently shown at the percentages below.
Today, the average 30-year fixed loan mortgage rate has increased to 4.30%. This increased percentage is higher than rates that were seen previously before the pandemic.
Joel Kan, an economist from the Mortgage Bankers Association, has stated that there are expectations that the Federal Reserve is looking to increase rates potentially four times this year. It is important to understand that this market is extremely rare with the previous pandemic and now currently the affects of inflation.
As we are looking into the economic state today, rates are still fluctuating constantly. Overtime and moving into the summer there will be increases in cost for mortgage loans. In order to get the best rate, reach out to a Semper Home Loan Officer today.
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